May 21 (Reuters) - Houghton Mifflin Harcourt Publishers Inc, whose textbooks
have been a staple in American schoolhouses for decades, filed for Chapter 11
bankruptcy protection on Monday after agreeing with creditors to eliminate $3.1
billion of debt.
The "pre-packaged" bankruptcy would give control of Houghton Mifflin to its
lenders.
It comes as cash-strapped state and local governments defer or cancel
education-related purchases, reducing demand for textbooks for students from
kindergarten to 12th grade.
Traditional book publishers also face pressure from the online availability
of published material, including e-books.
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